21 DEFERRED TAX ASSETS AND LIABILITIES

In accordance with IAS 12.47, deferred tax assets and liabilities are calculated at the rate that is expected to apply when the asset is realised or the liability settled. Flughafen Zürich AG anticipates a tax rate of 20.4% for the reporting period (2018: 20.5%). The expected tax rate is calculated on the basis of the applicable rate (rounded up or down) at the domicile of Flughafen Zürich AG and its subsidiaries.

The balance of deferred tax assets and liabilities changed as follows:

(CHF 1,000)

 

2019

 

2018

Deferred tax assets and liabilities, net as at 1 January

 

–42,334

 

–61,687

Deferred taxes on remeasurement of defined benefit obligations, recognised in OCI

 

6,212

 

2,617

Change according to income statement

 

2,228

 

16,788

Foreign exchange differences

 

–139

 

–52

Deferred tax assets and liabilities, net as at 31 December

 

–34,033

 

–42,334

of which deferred tax assets

 

2,121

 

1,950

of which deferred tax liabilities

 

–36,154

 

–44,284

Deferred tax assets and liabilities are allocated to the following items:

 

 

31.12.2019

 

31.12.2018

(CHF 1,000)

 

Assets

 

Liabilities

 

Assets

 

Liabilities

Property, plant and equipment & other intangible assets

 

 

 

–12,169

 

 

 

–15,011

Investments in associates and other financial assets

 

 

 

0

 

 

 

–1,321

Renovation fund

 

 

 

–36,495

 

 

 

–35,588

Aircraft noise

 

 

 

–26,266

 

 

 

–24,224

Financial liabilities issuing costs

 

72

 

 

 

50

 

 

Employee benefit obligations

 

38,757

 

 

 

31,848

 

 

Miscellaneous items

 

2,121

 

–53

 

1,950

 

–38

Deferred tax assets and liabilities, gross

 

40,950

 

–74,983

 

33,848

 

–76,182

Offsetting of assets and liabilities

 

–38,829

 

38,829

 

–31,898

 

31,898

Deferred tax assets and liabilities, net

 

2,121

 

–36,154

 

1,950

 

–44,284